Manchester United’s co-chairman to sell £70m worth of shares
The club have announced Avram Glazer has put five million of his class A shares of the club up for sale. The American businessman could receive £71million from the sale as the Glazer family’s ownership of the club will reduce from 78% to 74.9%.
Valued each share at $20.13, a deadline of Tuesday has been put on the sale of the shares as Avram's personal stake in the club would reduce down to 10.2% after the possible sale.
Glazers completed the buyout of the club in 2005. The club was hit massively during the pandemic as the Red Devils’ revealed their debt was up 16% to £455.5m in the last 12 months.
However, United will ‘not receive any proceeds’ from the sale of Class A shares.
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